Economy

Sensex zooms over 250 points, Nifty nears 9900-mark

Sensex zooms over 250 points, Nifty nears 9900-mark”

The benchmark BSE Sensex surged almost 300 points in the opening trade on Tuesday as Finance Minister Arun Jaitley had on Sunday indicated that the government would consider reducing the goods and services tax slabs and easing compliance burden for small taxpayers once revenues from GST better those from the previous tax regime.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,537.81 points, closed at 31,497.38 points - up 213.66 points, or 0.68 per cent.

Tata Motors was trading higher by 4.90 per cent at Rs. 420.90 and Bajaj Auto was up 1.89 per cent at Rs. 3,167 while M&M gained 1.38 per cent to Rs. 1,271.

The benchmark Sensex rose as much as 332 points to hit the day's high of 31,615.28 points.

The Monetary Policy Committee headed by RBI governor Urjit Patel started two-day deliberations on Tuesday with industry and the government hoping for interest rate cut to spur growth which fell to 3-year low of 5.7 per cent in the June quarter, while experts expect status quo. This has led to unabated buying by domestic financial institutions, which added to the positive mood.

SBI life insurance is a subsidiary of the State Bank of India, that India's first billion dollar IPO worth Rs 8,400 crore in September.

Key indices opened in green after three days on Tuesday.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) also made gains.

Among the sectoral indices, the S&P BSE consumer durables gained 2.2 percent followed by energy 1.5 percent and auto index 0.8 percent. Among the major gainers' Motors, Dr Reddy's and Sun Pharma were the top gainers.



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